en.Wedoany.com Reported - Latitude 66 (ASX:LAT) has submitted an application for an exploration permit to the Finnish Mining Authority, aiming to conduct development and exploration activities in the K1, K2, and K3 prospect areas within its Kuusamo Schist Belt (KSB) project in northern Finland. In mid-March 2026, Finland amended its mining law to allow the granting of exploration permits in areas where mining rights have expired or been revoked; this amendment took effect on April 1st. Latitude 66 submitted its application on the same day, and the exploration permit is expected to be granted in the second quarter of 2026.

Latitude 66 is a diversified gold and critical minerals exploration company, focused on discovering resources within mining jurisdictions in Finland and Australia. The KSB project for which this application is made holds significant resource potential. According to a scoping study released in March 2025, the project's total estimated resources are 650,000 ounces of gold (grade 2.7 g/t) and 5,800 tonnes of cobalt (grade 0.08%), with a mine life of 7.2 years and average annual production of 65,000 ounces of gold and 465 tonnes of cobalt.

Managing Director Grant Coyle stated that the company is encouraged by the enactment of the amended Finnish mining law, viewing it as a reflection of the Finnish government's support for the mining sector. He said, "This milestone is critical for the company, and we submitted the application immediately to advance the KSB project development plan. Now with a clear path to securing mineral rights, we are excited to get back to work and actively progress the project."

Currently, Latitude 66 is focused on creating an optimized scoping study, submitting an environmental permit plan, planning and preparing drilling work, and planning a pre-feasibility study. Coyle revealed that the company has multiple work plans ready, including optimizing the 2025 scoping study and upcoming drilling activities to test the project's significant exploration potential.

This application for an exploration permit is an important step in Latitude 66's mining strategy in Finland. The KSB project's high resource volume and promising prospects are expected to bring substantial benefits to the company, enhancing its competitiveness in the fields of gold and critical mineral exploration. Simultaneously, this project will also have a positive impact on the development of the local mining industry in Finland, promoting regional economic growth.

This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com